‘Big trade deal with US coming up’: PM Modi after talks with Prez Trump
A trade deal between India and the United States has so far remained elusive.
Prime Minister Narendra Modi on Tuesday exuded confidence after talks with US President Donald Trump that a “big trade deal” with the United States “will yield good results”.
“We have agreed to initiate negotiations for a big trade deal. We are confident that it will yield good results. Both of us have decided that our teams should give legal shape to these trade talks,” he said after his talks with Trump at the Hyderabad House.
“India and the US are committed to openness, fair and balanced trade. Our bilateral trade has witnessed double-digit growth in the last three years, and has also become more balanced,” Modi said.
India and the US have so far failed to reach an agreement on their trade dispute despite ongoing talks. The US wants access to Indian markets in dairy and poultry, removal of control over medical device prices in a limited trade deal and India has sought relief from tariffs on its steel and aluminium exports to the US and restoration of benefits under a zero-duty preferential trade programme.
After his meeting with Modi, Trump said, “There was focus on having comprehensive trade deal.” On Monday at the Namaste Trump event in Ahmedabad, Trump had described Modi as a “very tough negotiator”.
Ahead of his visit, Trump himself had said that he was “saving the big deal” with India for later.
Although a trade deal is some distance away, the American President said he was happy with the defence deals.
“Earlier today we expanded our defence cooperation with agreements for India to purchase more than $3 billion of advanced American military equipment, including Apache and MH-60 Romeo Helicopters - finest in the world. These will enhance our joint defence capabilities.